Dear [Lender's Name], I am writing to request an extension of time on the promissory note dated [note date] for the amount of [loan amount]. Due to unforeseen circumstances, I am unable to meet the agreed-upon repayment schedule and request additional time to make the necessary payments. As a resident of Michigan, I understand the importance of fulfilling financial obligations and ensuring prompt repayment. However, the current circumstances require me to seek an extension in order to fulfill my obligations in a timely manner. I am facing [explain the specific reasons for requesting the extension]. These circumstances include [mention specific events or challenges that have impacted your ability to make payments]. Additionally, I have attached supporting documentation, such as medical bills, job loss documents, or any other relevant evidence to substantiate my current financial situation. The extension I am requesting is for a period of [duration requested, for example, 60 days] to arrange my finances appropriately and ensure timely payment. I assure you that this extension is solely to overcome the temporary financial hardship I am currently facing, and I am committed to fulfilling my obligations after the extension period. I understand that this extension may incur additional interest or fees. Furthermore, I kindly request your consideration in waiving or reducing any penalties that may arise due to this extension. Rest assured, I will honor my commitment to repay the loan in full, with any additional charges that are applicable. I believe that granting this extension would not only provide me with the necessary time to overcome my financial challenges but also maintain the positive relationship we have cultivated as borrower and lender. I highly value the trust you have placed in me thus far and assure you that it will not be misplaced. Please find enclosed a signed copy of this letter along with any supporting documentation for your reference. I kindly request your prompt attention and response to this matter. You're understanding and cooperation in this situation are sincerely appreciated. Thank you for your understanding and support. I look forward to your positive response. Sincerely, [Your Name] [Your Address] [City, State, ZIP] [Phone Number] [Email Address] Keywords: Michigan, Sample Letter, Request for Extension of Time, Promissory Note, repayment schedule, financial obligations, unforeseen circumstances, loan amount, resident of Michigan, temporary financial hardship, supporting documentation, additional interest, penalties, positive relationship, borrower and lender.
Michigan Sample Letter for Request for Extension of Time on Promissory Note
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How to fill out Sample Letter For Request For Extension Of Time On Promissory Note?
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How to Modify a Promissory NoteIdentify the terms of the note that are creating difficulty in repayment.Communicate your need to modify the terms of the note to the note holder.Have the holder of the note draft modifications to the original note.Sign and notarize the modified promissory note.
Depending on which state you live in, the statute of limitations with regard to promissory notes can vary from three to 15 years. Once the statute of limitations has ended, a creditor can no longer file a lawsuit related to the unpaid promissory note.
How to write a leave extension letterCheck your company's leave extension rules.Include date, name and address.Add the name and address of the recipient.Add a subject line.Add a salutation.Refer to your original leave status.Explain the reason for the extension.Specify the duration of the extension.More items...?
(Cordially describe your greetings). We will try our best to make the payment on time and apologize for the inconvenience caused to you. I ask you to consider my request for postponement of the last day for the advance payment of the money promised according to the deal signed between us and your company (date).
My next specify payment will be due on , 20 . Due to an unexpected emergency that has occurred, I will be unable to make this payment by the date I am requesting an extension of time to make this payment.
What Happens When a Promissory Note Is Not Paid? Promissory notes are legally binding documents. Someone who fails to repay a loan detailed in a promissory note can lose an asset that secures the loan, such as a home, or face other actions.
Amending a promissory note is a legal process by which parties can denote changes to the original contract and continue with the terms of the agreement as set forth. Canceling a promissory note is a process that will lead the note to become null and void.
What Happens When a Promissory Note Is Not Paid? Promissory notes are legally binding documents. Someone who fails to repay a loan detailed in a promissory note can lose an asset that secures the loan, such as a home, or face other actions.
Depending on which state you live in, the statute of limitations with regard to promissory notes can vary from three to 15 years. Once the statute of limitations has ended, a creditor can no longer file a lawsuit related to the unpaid promissory note.
A promissory note extension is a legal document allowing an extension on the borrower's period in paying back a loan. For example, if a borrower has problems paying back their loan, or if the lender is asking for less time to repay it, the borrower can request an extension of their promissory notes.
